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State Street Acquires Mizuho's Global Custody Businesses

Editorial Staff

4 March 2025

State Street is to buy the global custody and related businesses of Mizuho Financial that operate outside Japan. 

The acquired businesses support the overseas investments of Mizuho’s Japanese clients. The entities are Mizuho Trust & Banking , owned by Mizuho Trust & Banking Co, Ltd, and Mizuho Bank , a wholly-owned subsidiary of Mizuho Bank. Combined assets under custody are $580 billion, and assets under administration are $24 billion.

The transaction is expected to be completed by Q4 2025, subject to the regulatory approvals and other closing conditions, State Street said in a statement today. The financial size of the deal wasn’t disclosed. 

“Japan, Luxembourg and the United States are all important markets to State Street. This transaction demonstrates our strong commitment to further accelerating our growth in these markets,” Stefan Gmür, head of Asia-Pacific and head of strategic business growth at State Street, said. 

State Street established its business in Japan more than 35 years ago.